FSU to ballot members in Bank of Ireland on pay and health insurance proposal.

14 November 2023

Press statement from the Financial Services Union

 FSU to ballot members in Bank of Ireland on pay and health insurance proposal.

Health insurance worth  €1,400 annually and 4% pay rise for 2024 among items proposed between FSU and BOI

The Financial Services Union is to ballot its members after a breakthrough in negotiations  resulted in a proposed agreement between the Union and Bank of Ireland on pay and health insurance for 2024.

The proposal which is subject to a ballot includes :

  • An average 4% pay increase in 2024.
  • Health insurance allowance of €1,400
  • Increased maximums on all pay ranges
  • Higher entry salary of £23,000 in Northern Ireland  and Great Britain,
  • Increased minimums on all Northern Ireland and Great Britain pay ranges.
  • Additional £1000 for QFA/APA qualification pay in Northern Ireland for lower paid employees.

Commenting on the agreement Caitleen Desetti, Industrial Relations Organiser with the FSU said:

“It was essential that the 2024 deal would be inflation-proofed and represent real value for our members.

Our members were clear that, health insurance was an essential ingredient for any deal. If this deal is accepted health insurance will be paid at a rate of €1400 annually in the Republic of Ireland , effective from July 2024 along with a 4% pay increase from January 1st.

We have concluded that the proposals in their totality represent the best deal that can be achieved at this moment, and we are recommending the deal to our members.

We will be holding member meetings to explain the deal and the pay ballot will open on  November 22nd.

Commenting John O’Connell. General Secretary of the FSU said:

“The FSU campaigned for the return of variable pay and benefits so that ordinary bank employees could be rewarded on an equal basis as others working in the wider financial services sector.

The agreement between the FSU and BOI on health insurance is a step in the right direction to help make the retail banking sector a career choice for new graduates.

Ultimately, union members will decide in a ballot, and I would urge all members to participate in the member meetings over the next couple of weeks.”